I have a house I bought in 1998. In 2007 I bought another house and rented out the old one.?

JR: I have a house I bought in 1998. In 2007 I bought another house and rented out the old one.?
My renter bailed on me and now I am stuck making 2 mortgages without being able to make both payments. I am 1 month behind on both properties. Is a short sale the best on the recent house I bought and just move into the old one. Other factors are the 1998 house has been refinanced twice but the house I bought last year is the original loan. Oh and of course I am upside down about 100k on each property. HELP PLEASE!!!!

Answers and Views:

Answer by ClarkWorld
I would say your best bet would be to located a new renter. Lower the rent payment just a bit to make it a bette deal to find someone fast.

Your renter bailed? Did you have a contract? If so you can sue them for rest of the contract’s length.

Answer by Carolyn
Ooch, before you talk short sale find out what the properties are worth.

Answer by Tekla
try putting both of them on the market for rent. take the first best offer and live in the other one. this time make sure you have a lease that the tenant can’t just bail.